(Bloomberg) -- PDD Holdings Inc.’s shares fell the most on record after Temu’s owner warned that revenue growth will inevitably dwindle, highlighting the...
-- PDD Holdings Inc.’s shares fell the most on record after Temu ’s owner warned that revenue growth will inevitably dwindle, highlighting the challenges of sustaining its pace of expansion against aggressive rivals like ByteDance Ltd.With Housing Costs High, Democrats Hone YIMBY Message
“Competition is here to stay and is expected to intensify in our industry,” Chen told analysts during a post-results briefing. “High revenue growth is not sustainable, and a downward trend in profitability is inevitable.”The Chinese-owned e-commerce platform reported revenue of 97.1 billion yuan for the June quarter, missing the average estimate of 100 billion yuan. Net income came to 32 billion yuan, compared to a projected 27.5 billion yuan.
Temu is also encountering growing regulatory scrutiny following its meteoric rise. The European Union is working on a proposal to close an import tax loophole for cheap goods bought online, a move that would primarily target Chinese retailers including Temu, Bloomberg News has reported.
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